Dry Creek Capital buys $15.8M note secured by West Village retail condos

Denver-based Dry Creek Capital Partners, through the entity DCC Vigilant bought a note with an original principal of $15.8 million from Argentic Real Estate Investment secured by the Rainero family’s two retail condominium units (CR) at 88 Washington Place in the West Village, Manhattan.
The deal closed on March 31, 2021 and was recorded on May 27, 2021.
The two properties have 16,798 square feet of built space.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Gildo Rainero acquired the property in 1965, using the name Ciao-Di Restaurant Corp. then the family converted the building into residential condos in 2007 and two retail units. The family maintained ownership of the retail units. The Raineros borrowed $15.85 million from Argentic Real Estate Investment in January 2018. That loan was sold to Dry Creek Capital Partners.

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